MediSolution Ltd.

MediSolution Ltd.

October 05, 2005 09:05 ET

MediSolution Accelerates Strategic Consolidation Plan

MONTREAL, QUEBEC--(CCNMatthews - Oct. 5, 2005) - MediSolution Ltd. (TSX:MSH), a leading Canadian healthcare and public sector software and services company, today announced the acceleration of its office consolidation plan as well as additional savings resulting from increased efficiencies and organizational focus.

The Company has centralized multiple product development and support teams within the Toronto, Montreal and Quebec City offices with the completion of its office consolidation plan. In recent months, the company has also introduced new processes and initiatives that will deliver additional savings and efficiencies.

MediSolution Ltd. is sharpening its strategic focus in Resource Management with an increased investment in the development of an integrated Human Capital Management (HCM) suite. The company will also focus its Healthcare Information Systems business by pursuing strategic partnerships with both customers and third party vendors to better define and deliver market offerings.

The combination of these actions, once completed, will result in annual savings of approximately $2.5 million in addition to the $2.5 million in annual savings previously announced. Restructuring expenses of approximately $0.8 million will be charged to earnings, largely during the quarter ended December 31, 2005.

Allan Lin, president and CEO, said "The acceleration of our strategic consolidation, the introduction of new efficiencies, the additional investments in our HCM suite and the creation of strategic partnerships will substantially enhance our cash flow and make MediSolution a stronger company going forward".

About MediSolution

MediSolution (TSX:MSH) is a leading healthcare and public sector information technology company, providing software, solutions and services to customers across North America. More than 500 hospitals and other healthcare facilities as well close to 200 public sector or government related organizations rely on MediSolution's systems to maximize their operational efficiencies, lower their costs, and improve the delivery of services. MediSolution has two operating segments. The Resource Management Systems segment is comprised of Financial Management software such as accounts receivable, budgeting and materials management as well as Human Capital Management tools including human resource management, staff scheduling and payroll processing. The Healthcare Information Systems segment is comprised of clinical solutions such as patient tracking, electronic patient health records, pharmacy, radiology and laboratory software for hospitals.

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Note: This press release contains "forward-looking statements". The words "believe", "expect", "anticipate", "intend", "estimate" and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include general economic conditions, interest rates, availability of equity and debt financing and other risks detailed from time to time in the company's continuous disclosure documents. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contact Information

  • MediSolution Ltd.
    Allan D. Lin
    President and Chief Executive Officer
    (514) 850-5040